Ascorbic acid, also known as vitamin C is found in many food products. It works as a dietary supplement that helps in improving the skin, bones, and fight bacterial infections. It plays an important role in the body. Deficiency of vitamin C can cause problems like a rash, joint pain, and weakness. People have to take ascorbic acid from fruits, vegetables, and other sources. It is highly demanded because it helps in repair tissues and enzymatic production. It also acts as an antioxidant.
DSM, Bactolac Pharmaceutical Inc., CSPC Pharmaceutical Group, Northeast Pharmaceutical Group, North China Pharmaceutical Group, NBTY Inc., Dishman Group, Aland Nutraceuticals Group, Shandong Luwei Pharmaceutical, BASF SE., DuPont.
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COVID-19 Scenario Analysis:
- There is an increase in the demand for supplements due to COVID-19 pandemic.
- The retail stores are closed, so online channels are used to meet the requirements of the customers.
- There is an increase in the expenditure on the health supplements and immunity boosters.
- The restriction on trade has drastically affected the logistic network.
- With the growing demand, the manufacturers are facing problems regarding the supply of raw material.
- Companies are taking preventive measures to meet the requirements of the consumers along with ensuring the safety of workers.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
An increase in health issues and rise in awareness about the health products drive the growth of the global ascorbic acid market. The rapid urbanization, increase in purchasing power, and changes in lifestyle contribute toward the growth of the global ascorbic acid market. However, the increase in the prices of raw materials hinders the growth of the ascorbic acid market. The government is taking initiative to increase the consumption of ascorbic acid in the developing countries and internet penetration has also created an opportunity for the growth of the global ascorbic acid market.
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The global ascorbic acid market trends are as follows:
- Many developing countries are facing the problem of malnourishment among the people. So, companies are thinking to expand their business to increase their market share on a global level.
- The government is also taking necessary action to ensure the quality and safety of supplements for consumers. It can also enhance the demand for supplements. They are also increasing the consumption of the ascorbic acid due to deficiency of vitamin C among people
- With an increase in the working population, the growth of supplements is anticipated to grow in the future. Companies are also focusing on expanding their business by merger or acquisition to increase their market share.
Key Benefits of the Report:
- This study presents the analytical depiction of the global ascorbic acid industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ascorbic acid market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global ascorbic acid market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global ascorbic acid market analysis based on competitive intensity and how the competition will take shape in the coming years.
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